City center site in escrow for future senior housing

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Roseville City Council has approved a purchase and sale agreement with Bridge Housing Corporation for affordable seniors housing in downtown Roseville.

The proposed development plan includes a 55,506 square foot affordable seniors apartment building at 505 Royer Street ranging from three to five stories. The 1.17-acre location will have approximately 70 age-restricted housing units for residents with incomes between 30% and 50% of the Placer County median income. The parcel adjacent to 300 Taylor Street will include a 61-space parking lot.

“Downtown Roseville has undergone a significant transformation over the past decade. Adding much-needed housing will add economic momentum to the area,” said Wayne Wiley, Director of Economic Development.

Resident facilities include a community hall, courtyard and garden with raised planters providing outdoor recreation space. The apartments will also have convenient access to nearby Royer Park, a six-mile long paved trail, the library, public transit, downtown events, restaurants and retail stores.

These additional units will help the City of Roseville meet the State of California’s Affordable Housing Obligation, which specifies the number of units required in each community.

Funding

Proceeds from the sale of the property, totaling $650,000 less escrow fees and taxes, will go to the City’s Strategic Improvement Fund. This fund is used for periodic strategic investments on behalf of the City.

Typical of affordable housing financing structures, the project will be funded by a variety of federal, state, and local funding sources and private equity.

Economic impact

The sale of the property will stimulate several hundred jobs in the construction, service and professional sectors and generate approximately $32 million in capital investment.

Context of the site

The project site was previously owned by Placer County and used as a courthouse. After acquiring the property in 2014, the City of Roseville explored options for the site to support ongoing economic development.

Following recent state legislation, the city was required to offer the property for affordable housing before it was made available to the public for sale. In response, Bridge Housing Corporation offered to purchase the property for the development of an affordable senior housing project.


View the council report.

See proposed project design.

Learn more about what’s happening in downtown Roseville.

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